Notcoin (NOT) price has risen more than 300% over the past week, reaching an all-time high. Can NOT tokens continue their parabolic rise due to social hype?
Notcoin rose 320% in one week, breaking an all-time high.
Notcoin’s price rose more than 323% over the past week, hitting an all-time high of $0.02896 on June 2, according to TradingView data.
Notcoin, a play-to-earn game and token integrated into a Telegram mini-app, has attracted over 30 million users on Telegram in less than two months, introducing a new wave of mainstream adopters to the cryptocurrency space.
Notcoin was listed and traded on the Bybit exchange on May 16th. In the past two and a half weeks since listing, NOT has risen more than 200%.
Following the rally, Notcoin reached a market capitalization of $2.3 billion, making it the 51st largest cryptocurrency tracked by CoinMarketCap.
According to Justin Hyun, Investment Director at TON Foundation, Notcoin and other Telegram Mini Apps will be a “Trojan horse” for mass blockchain adoption that could accommodate the next 500 million cryptocurrency users.
Hyeonhyeon told Cointelegraph in an interview:
“To reach our goal of connecting 500 million people to the chain by 2028, we will need use cases where users interact with the blockchain without them knowing on the front end.”
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Social sentiment driving NOT price increases
Increasing retail interest through social media platforms seems to be one of the key drivers for Notcoin hitting all-time highs.
According to a June 3 post by Alphascan, Notcoin became the second most mentioned cryptocurrency in a 12-hour period just two weeks after launch.
“It is the second most mentioned token in a 12-hour period. It is one of the most talked about tokens on the daily timeframe… “45% of all weekly mentions occurred in the last 24 hours, and 81% of all daily mentions occurred in the last 12 hours.”
Further demonstrating the growing investor interest, Notcoin has become the fifth most traded cryptocurrency on the market, surpassing $4 billion in trading volume on June 3, surpassing USD Coin’s (USDC) $3.5 billion volume, according to CoinGecko. Yes.
According to cryptocurrency analyst Ali Martinez, the growing social sentiment towards Notcoin has brought more large investors, or whales, into the Telegram ecosystem, namely Toncoin (TON). In a June 3 X post, Martinez wrote to her 63,400 followers:
“The number of large Toncoin transactions (over $100,000) has surged 237.5% in the last 24 hours! This significant increase in TON whale activity suggests a strategic shift in investment and location.”
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.